Other than Tron which somehow found support following their website overhaul, sellers are in charge in month coins. To give you a perspective, IOTA is down 20 percent in the last week for example and Litecoin is struggling to edge past $140. Instead what could happen is a slow down past $130 and $110 in the short term.
Let look at these charts:
Cryptocurrencies is a new wing of investment which even though is at its nascent stage continues to gain traction attracting investors and facilitators. Good news is eToro plans to expand its services to the US by launching an exchange and wallet later this year. This announcement was made at the Consensus 2018 meet up in New York and already it’s in Beta phase, being tested by select customers. Besides Bitcoin and Ethereum, investors should right away invest in EOS and seven other coins once the services are available.
It's happening! We will be officially launching in the U.S this year! We will also be rolling out a #crypto wallet starting with selected users this week and, will be launching a crypto exchange later this year. – @yoniassia pic.twitter.com/U3IJ4o1e0e
— eToro (@eToro) May 15, 2018
In line with our previous projections, EOS is down nine percent in the last 24 hours and trending below our main support at $13. Aside the bear candlestick, note that consistent bear pressure might see prices testing $9.7. For that to happen, we must see strong volumes usurping last week’s average volume range and that’s exactly what is happening. Because of this, selling at every high-ideally at $14- with targets at $9.7 is ideal.
Soon, you shall crypto trade at Börse Stuttgart, German’s exchange handling more that $100 billion in volumes, through Bison. As it stands, Bison is the first app that stands behind a traditional exchange that does nothing more than simplify cryptocurrency trading. Trading on this exchange shall be free and there is no clear way stating how they are going to make money. Besides, new user registration and verification shall be completed within minutes.
According to our previous preview and price forecast, Litecoin continues to slide and is still moving within May 11 high low. Here’s the thing: as long as Litecoin sellers are in charge, it’s better to short. Therefore, in my view and of course considering support resistance zone, conservatives should find for over-valuation in lower time frames and sell. Ideal shorting triggers lie at $130 and if a break out happens with a surge in volumes, stops should be at $140 and targets at $110 as indicated before.
XLMUSD (Stellar Lumens)
At long last, there is movement in Stellar and this time, we are about to see one of the first corporate tokens on issue. In an announcement, IBM said that they shall be partnering with Veridium Labs to create what they call Credit Tokens. Veridium Labs is by itself a carbon rating company and Carbon Ratings for those who don’t know is the permitted amount of carbon a company or even a country is allowed to emit per year. These credit tokens shall be launched from the Stellar Blockchain and shall go forward towards aiding the conservation of Indonesian rain forest and reducing pollution.
Of course this is a novel idea and if this goes on well on this project, they may decide to scale and make this global further exposing Stellar Lumens to demand. Now, this is good news but there is nothing much to drum about when it comes to price action.
Sellers are in charge and volumes are within average. Before anything happens, I shall wait for a retest of 30 cents and observe how prices react. If there is a bounce then well and good, my buy triggers would be at 40 cents. Otherwise, any break below 30 cents with extra-ordinary volumes might see sellers driving Stellar Lumens towards 20 cents, our ultimate bear target.
Could Tron overhaul of their website help support prices? Well, of course there is excitement about everything Tron and EOS on extension especially when it comes to the mainnet count down. For us though, what is important is value and since Tron is down 14 percent for the week, we need participation if at all there would be reversals.
Indeed, that’s exactly what’s happening and after yesterday’s higher highs and moving within a wedge. So, while we are bearish in the short term, those who are yet to trade this can wait for a break out in either direction. Notice that yesterday’s volumes were higher and instead of moving lower, it inched higher further bringing prices to an accumulation. Therefore, for us to trade confidently, today’s candlestick holds all the clues. If it moves higher and break above 7.5 cents, buy on the break out. If not, sell when they are below 5.5 cents and aim at 5 cents.
Already, IOTA is the main form of payment for the eCommerce site, Tanglefy. It might be the first IOTA themed store in the crypto-verse but surely not the first. As demand for IOTA continue to rise, expect more stores to crop up. After all, a platform with a market cap exceeding $5 billion needs to have more than 99 projects as it currently stands.
Price wise, May 11 candlestick is that constant bear shadow scaring demand. After yesterday’s bear candlestick, aggressive traders can short and aim for $1.5 and $1.1 in line with the 20 percent week over week slide.